Capitalism Requires Civic Culture

By Michael Maclay. Mr. Maclay, a director of Hakluyt & Co., is chairman of the Citizenship Foundation, an educational charity in the U.K. that promotes effective citizenship.

A decade after declaring the "End of History," American political theorist Francis Fukuyama seems to have wagered better than many of us thought at the time. The extreme confidence in so-called Anglo-Saxon capitalism looks more plausible in the wake of the long '90s boom. There are no alternative economic models in sight, however...